Tips to conquer tax time

28 June, 2017

The end of the financial year is almost upon us and here are three helpful tips for small business owners to make tax time that bit easier.

A small business has a turnover of up to $10 million and forms a crucial part of the Australian economy.

1.Research

Tax time can be daunting, but with the right advice and research, it can be just that much easier.

With Simpler BAS coming in on 1 July 2017, it’s quicker and easier for you to prepare and lodge your BAS—you only need to report the following GST information: total sales, GST on sales and GST on purchases.

Accredited tax professionals can also provide a great level of understanding and advice specific to your business.

2.Review

The end of the financial year provides a timely opportunity to businesses to take a breath and regroup.

It is important to take the time to review depreciable assets if you have not already done so.

Taking the time to do so means you can use simplified depreciation rules that can ultimately create strong savings for your business.

3.Replenish

A small business owner will have numerous expenses during the financial year for equipment or resources that help the business run that bit smoother.

Many small business owners in Australia are unaware there are immediate deductions for small businesses that could help you save when you submit your tax return.

Small businesses can purchase assets costing less than $20,000 each for their business and deduct the full amount immediately from their income until June 2018.

These tips form part of the Australian Government’s Giving Small Business a Big Future campaign aimed at informing the small business community, their advisers and the wider Australian community about the support available for small business.

A filter tool has been developed that allows small business owners to find out what’s help and incentives are available here.

►CCI Members enjoy a range of benefits and discounts to help grow their business. Find out which membership package best suits your business here.